XRP top traders are placing huge bets in long positions on the Binance exchange. CryptoQuant data analyst CW highlighted the development, noting that traders have been “quietly” accumulating XRP over the past 24 hours.
XRP long positions surge as traders bet on price rally
Notably, these top traders amassing XRP are betting that the coin’s price will go up, hence the move to increase their holdings before a rally. The purchase is taking place as XRP battles to stay above the $1.50 support level.
In the XRP ecosystem, several bullish activities are helping to shape the sentiments of investors and traders alike
For instance, Ripple has announced plans to apply for a Virtual Asset Service Provide license in Brazil. The move could expand its custody and payment services in the region, leading to increased adoption.
Additionally, Ripple recently joined the Mastercard Crypto Partner program as one of the pioneer members. The program aims to integrate blockchain payments into global commerce, thereby making crypto easily accessible for everyday transactions.
It is likely that this “quiet” buy will take advantage of these bullish developments and partnerships that Ripple is creating for XRP’s utility. With the increased use of XRP in sending and receiving money and its use for the payment of goods and services, its value could soar.
XRP holds $1.50 support amid SEC clarity
As U.Today reported, the U.S Securities and Exchange Commission (SEC) has officially reclassified XRP as a commodity
The reclassification implies that exchanges can now list XRP more easily without any regulatory challenges. This marks a significant shift for the coin as it could further drive its adoption by traditional finance institutions.
As of this writing, XRP was changing hands at $1.51, representing a 1.09% decline in the last 24 hours. The coin had previously traded at a peak of $1.54 before it dropped slightly due to market volatility.
If the long position bet by XRP investors lingers for long, it could support the coin’s upward movement toward the $2 level.
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